Magnolia Oil & Gas (MGY) 10-Q 10 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	May 06, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-38083
Entity Registrant Name	Magnolia Oil & Gas Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-5365682
Entity Address, Address Line One	Nine Greenway Plaza, Suite 1300
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77046
City Area Code	713
Local Phone Number	842-9050
Title of 12(b) Security	Class A Common Stock, par value $0.0001
Trading Symbol	MGY
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001698990
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		187,439,431
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		35,594,059

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
CURRENT ASSETS
Cash and cash equivalents	$ 346,396	$ 366,982
Accounts receivable	179,652	149,769
Drilling advances	2,516	615
Other current assets	1,688	552
Total current assets	530,252	517,918
PROPERTY, PLANT AND EQUIPMENT
Oil and natural gas properties	2,467,167	2,381,812
Other	7,173	7,036
Accumulated depreciation, depletion and amortization	(1,225,849)	(1,172,761)
Total property, plant and equipment, net	1,248,491	1,216,087
OTHER ASSETS
Deferred financing costs, net	7,017	3,701
Other long-term assets	8,854	9,036
Total other assets	15,871	12,737
TOTAL ASSETS	1,794,614	1,746,742
CURRENT LIABILITIES
Accounts payable	134,652	127,909
Other current liabilities (Note 7)	104,082	90,636
Total current liabilities	238,734	218,545
LONG-TERM LIABILITIES
Long-term debt, net	388,647	388,087
Asset retirement obligations, net of current	90,523	89,715
Other long-term liabilities	4,342	5,146
Total long-term liabilities	483,512	482,948
COMMITMENTS AND CONTINGENCIES (Note 9)
Additional paid-in capital	1,649,111	1,689,500
Treasury Stock, at cost, 16,218 shares and 14,168 shares in 2022 and 2021, respectively	(209,418)	(164,599)
Accumulated deficit	(542,129)	(708,168)
Noncontrolling interest	174,780	228,492
Total equity	1,072,368	1,045,249
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	1,794,614	1,746,742
Class A Common Stock
Common stock	20	19
Class B Common Stock
Common stock	$ 4	$ 5

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Treasury stock (in shares)	16,218,000	14,168,000
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,300,000,000	1,300,000,000
Common stock, shares issued (in shares)	203,762,000	193,437,000
Common stock, shares outstanding (in shares)	187,543,000	179,270,000
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	225,000,000	225,000,000
Common stock, shares issued (in shares)	35,594,000	49,293,000
Common stock, shares outstanding (in shares)	35,594,000	49,293,000

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
REVENUES
Total revenues	$ 377,839	$ 209,107
OPERATING EXPENSES
Lease operating expenses	28,744	19,392
Gathering, transportation and processing	15,840	10,243
Taxes other than income	20,882	10,762
Exploration expenses	5,538	2,062
Asset retirement obligations accretion	789	1,331
Depreciation, depletion and amortization	53,106	42,944
Amortization of intangible assets	0	2,113
General and administrative expenses	17,070	20,364
Total operating expenses	141,969	109,211
OPERATING INCOME	235,870	99,896
OTHER INCOME (EXPENSE)
Interest expense, net	(9,357)	(7,294)
Loss on derivatives, net	0	(482)
Other income (expense), net	207	(229)
Total other expense, net	(9,150)	(8,005)
INCOME BEFORE INCOME TAXES	226,720	91,891
Income tax expense	18,100	399
NET INCOME	208,620	91,492
LESS: Net income attributable to noncontrolling interest	42,581	28,248
NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK	$ 166,039	$ 63,244
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
Basic (in shares)	182,578	166,952
Diluted (in shares)	183,163	169,636
Class A Common Stock
NET INCOME PER SHARE OF CLASS A COMMON STOCK
Basic (in dollars per share)	$ 0.90	$ 0.38
Diluted (in dollars per share)	$ 0.90	$ 0.37
Oil revenues
REVENUES
Total revenues	$ 262,667	$ 146,958
Natural gas revenues
REVENUES
Total revenues	56,580	35,663
Natural gas liquids revenues
REVENUES
Total revenues	$ 58,592	$ 26,486

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Class A Common Stock	Class B Common Stock	Total Stockholders’ Equity	Total Stockholders’ EquityClass A Common Stock	Common StockClass A Common Stock	Common StockClass B Common Stock	Additional Paid In Capital	Additional Paid In CapitalClass B Common Stock	Treasury Stock	Treasury StockClass A Common Stock	Retained Earnings/ Accumulated Deficit	Noncontrolling Interest	Noncontrolling InterestClass B Common Stock
Balance at beginning of period (in shares) at Dec. 31, 2020						168,755	85,790			5,475
Balance at beginning of period at Dec. 31, 2020	$ 839,422			$ 548,162		$ 17	$ 9	$ 1,712,544		$ (38,958)		$ (1,125,450)	$ 291,260
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation expense, net of forfeitures	2,705			1,835				1,835					870
Changes in ownership interest adjustment	0			28,924				28,924					(28,924)
Common stock issued related to stock based compensation and other, net (in shares)						244
Common stock issued related to stock based compensation and other, net	(1,238)			(839)				(839)					(399)
Class A Common Stock repurchases (in shares)											1,973
Class A Common Stock repurchases		$ (20,281)			$ (20,281)						$ (20,281)
Class B Common Stock purchase and cancellation (in shares)							(5,000)
Class B Common Stock purchase and cancellation			$ (50,781)				$ (1)		$ 1					$ (50,781)
Non-compete settlement (in shares)						375
Non-compete settlement	(17,152)			(11,231)				(11,231)					(5,921)
Stock redeemed (in shares)						14,166	(14,166)
Conversion of Class B Common Stock to Class A Common Stock	0					$ 1	$ (1)
Distributions to noncontrolling interest owners	(155)												(155)
Net income	91,492			63,244								63,244	28,248
Balance at end of period (in shares) at Mar. 31, 2021						183,540	66,624			7,448
Balance at end of period at Mar. 31, 2021	844,012			609,814		$ 18	$ 7	1,731,234		$ (59,239)		(1,062,206)	234,198
Balance at beginning of period (in shares) at Dec. 31, 2021						193,437	49,293			14,168
Balance at beginning of period at Dec. 31, 2021	1,045,249			816,757		$ 19	$ 5	1,689,500		$ (164,599)		(708,168)	228,492
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation expense, net of forfeitures	2,885			2,360				2,360					525
Changes in ownership interest adjustment	0			(595)				(595)					595
Common stock issued related to stock based compensation and other, net (in shares)						576
Common stock issued related to stock based compensation and other, net	(5,914)			(4,871)				(4,871)					(1,043)
Class A Common Stock repurchases (in shares)											2,050
Class A Common Stock repurchases		$ (44,819)			$ (44,819)						$ (44,819)
Class B Common Stock purchase and cancellation (in shares)							(3,950)
Class B Common Stock purchase and cancellation			$ (84,733)											$ (84,733)
Stock redeemed (in shares)						(9,749)	9,749
Conversion of Class B Common Stock to Class A Common Stock	0					$ (1)	$ 1
Distributions to noncontrolling interest owners	(11,637)												(11,637)
Dividends declared ($0.20 per share)	(37,283)			(37,283)				(37,283)
Net income	208,620			166,039								166,039	42,581
Balance at end of period (in shares) at Mar. 31, 2022						203,762	35,594			16,218
Balance at end of period at Mar. 31, 2022	$ 1,072,368			$ 897,588		$ 20	$ 4	$ 1,649,111		$ (209,418)		$ (542,129)	$ 174,780

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME	$ 208,620	$ 91,492
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	53,106	42,944
Amortization of intangible assets	0	2,113
Asset retirement obligations accretion	789	1,331
Amortization of deferred financing costs	2,812	910
Unrealized loss on derivatives, net	0	482
Stock based compensation	2,885	2,705
Other	0	(84)
Changes in operating assets and liabilities:
Accounts receivable	(29,883)	(25,670)
Accounts payable	6,743	11,499
Accrued liabilities	(2,451)	(12,997)
Drilling advances	(1,901)	2,823
Other assets and liabilities, net	(1,851)	605
Net cash provided by operating activities	238,869	118,153
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions	(1,055)	(558)
Additions to oil and natural gas properties	(84,230)	(40,166)
Changes in working capital associated with additions to oil and natural gas properties	13,946	(1,744)
Other investing	131	(416)
Net cash used in investing activities	(71,208)	(42,884)
CASH FLOW FROM FINANCING ACTIVITIES
Non-compete settlement	0	(17,152)
Dividends paid	(37,174)	0
Cash paid for debt modification	(5,272)	0
Distributions to noncontrolling interest owners	(11,637)	(155)
Other financing activities	(5,945)	(1,267)
Net cash used in financing activities	(188,247)	(89,636)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(20,586)	(14,367)
Cash and cash equivalents – Beginning of period	366,982	192,561
Cash and cash equivalents – End of period	346,396	178,194
Supplemental cash items:
Cash paid for income taxes	13,000	0
Cash paid for interest	12,225	12,441
Supplemental non-cash investing and financing activity:
Accruals or liabilities for capital expenditures	43,882	14,624
Supplemental non-cash lease operating activity:
Right-of-use assets obtained in exchange for operating lease obligations	404	53
Class A Common Stock
CASH FLOW FROM FINANCING ACTIVITIES
Common Stock repurchases	(43,486)	(20,281)
Class B Common Stock
CASH FLOW FROM FINANCING ACTIVITIES
Common Stock repurchases	$ (84,733)	$ (50,781)

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) (Parenthetical) - $ / shares	Feb. 03, 2022	Aug. 02, 2021	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, declared (in dollars per share)	$ 0.20	$ 0.08	$ 0.20

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Organization and Nature of Operations Magnolia Oil & Gas Corporation (the “Company” or “Magnolia”) is an independent oil and natural gas company engaged in the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquid (“NGL”) reserves. The Company’s oil and natural gas properties are located primarily in Karnes County and the Giddings area in South Texas where the Company targets the Eagle Ford Shale and Austin Chalk formations. Magnolia’s objective is to generate stock market value over the long-term through consistent organic production growth, high full cycle operating margins, an efficient capital program with short economic paybacks, significant free cash flow after capital expenditures, and effective reinvestment of free cash flow. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, certain disclosures normally included in an Annual Report on Form 10-K have been omitted. The consolidated financial statements and related notes included in this Quarterly Report should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2021 (the “2021 Form 10-K”). Except as disclosed herein, there have been no material changes to the information disclosed in the notes to the consolidated financial statements included in the Company’s 2021 Form 10-K. In the opinion of management, all normal, recurring adjustments and accruals considered necessary to present fairly, in all material respects, the Company’s interim financial results have been included. Operating results for the periods presented are not necessarily indicative of expected results for the full year. Certain reclassifications of prior period financial statements have been made to conform to current reporting practices. The consolidated financial statements include the accounts of the Company and its subsidiaries after elimination of intercompany transactions and balances. The Company’s interests in oil and natural gas exploration and production ventures and partnerships are proportionately consolidated. The Company reflects a noncontrolling interest representing primarily the interest owned by the Magnolia LLC Unit Holders through their ownership of Magnolia LLC Units in the consolidated financial statements. The noncontrolling interest is presented as a component of equity. See Note for further discussion of the noncontrolling interest.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies As of March 31, 2022, the Company’s significant accounting policies are consistent with those discussed in Note 1—Organization and Summary of Significant Accounting Policies of its consolidated financial statements contained in the Company’s 2021 Form 10-K.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Magnolia’s revenues include the sale of crude oil, natural gas, and NGLs. The Company has concluded that disaggregating revenue by product type appropriately depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors and has reflected this disaggregation of revenue on the Company’s consolidated statements of operations for all periods presented. The Company’s receivables consist mainly of trade receivables from commodity sales and joint interest billings due from owners on properties the Company operates. Receivables from contracts with customers totaled $151.1 million as of March 31, 2022 and $125.1 million as of December 31, 2021. For further detail regarding the Company’s revenue recognition policies, please refer to Note 1—Organization and Summary of Significant Accounting Policies of the consolidated financial statements contained in the Company’s 2021 Form 10-K.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company had settled all of its natural gas costless collar derivative contracts by September 30, 2021. From September 30, 2020 to September 30, 2021, Magnolia utilized natural gas costless collars to reduce its exposure to price volatility for a portion of its natural gas production volumes. The Company’s policies do not permit the use of derivative instruments for speculative purposes. Under the Company’s costless collar contracts, each collar had an established floor price and ceiling price. When the settlement price was below the floor price, the counterparty was required to make a payment to the Company and when the settlement price was above the ceiling price, the Company was required to make a payment to the counterparty. The Company has elected not to designate any of its derivative instruments as hedging instruments. Accordingly, changes in the fair value of the Company’s derivative instruments were recorded immediately to earnings as “Loss on derivatives, net” on the Company’s consolidated statements of operations. The following table summarizes the effects of derivative instruments on the Company’s consolidated statements of operations during the three months ended March 31, 2022 and 2021: Three Months Ended (In thousands) March 31, 2022 March 31, 2021 Derivative settlements, realized (loss) $ — $ — Unrealized (loss) on derivatives — (482) (Loss) on derivatives, net $ — $ (482) The Company had no outstanding derivative contracts in place as of March 31, 2022.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Certain of the Company’s assets and liabilities are carried at fair value and measured either on a recurring or nonrecurring basis. The Company’s fair value measurements are based either on actual market data or assumptions that other market participants would use in pricing an asset or liability in an orderly transaction, using the valuation hierarchy prescribed by GAAP under Accounting Standards Codification (“ASC”) 820. The three levels of the fair value hierarchy under ASC 820 are as follows: Level 1 - Quoted prices (unadjusted) in active markets for identical investments at the measurement date are used. Level 2 - Pricing inputs are other than quoted prices included within Level 1 that are observable for the investment, either directly or indirectly. Level 2 pricing inputs include quoted prices for similar investments in active markets, quoted prices for identical or similar investments in markets that are not active, inputs other than quoted prices that are observable for the investment, and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 - Pricing inputs are unobservable and include situations where there is little, if any, market activity for the investment. The inputs used in determination of fair value require significant judgment and estimation. Recurring Fair Value Measurements Debt Obligations The carrying value and fair value of the financial instrument that is not carried at fair value in the accompanying consolidated balance sheets at March 31, 2022 and December 31, 2021 is as follows: March 31, 2022 December 31, 2021 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Long-term debt $ 388,647 $ 407,460 $ 388,087 $ 411,500 The fair value of the 2026 Senior Notes at March 31, 2022 and December 31, 2021 is based on unadjusted quoted prices in an active market, which is considered a Level 1 input in the fair value hierarchy. The Company has other financial instruments consisting primarily of receivables, payables, and other current assets and liabilities that approximate fair value due to the nature of the instruments and their relatively short maturities. Non-financial assets and liabilities initially measured at fair value include assets acquired and liabilities assumed in business combinations and asset retirement obligations. Certain of the Company’s assets and liabilities are measured at fair value on a nonrecurring basis. Specifically, stock based compensation is not measured at fair value on an ongoing basis but is subject to fair value calculations in certain circumstances. For further detail, see Note 12—Stock Based Compensation in the Notes to the Company’s consolidated financial statements. There were no other nonrecurring fair value measurements as of March 31, 2022 or December 31, 2021.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Non-Compete Agreement On July 31, 2018 (the “Closing Date”), the Company and EnerVest, separate and apart from the Business Combination, entered into the Non-Compete, which prohibited EnerVest and certain of its affiliates from competing with the Company in the Eagle Ford Shale (the “Market Area”) until July 31, 2022 (“Prohibited Period End Date”). In January 2021, the Company amended the Non-Compete such that, rather than delivering an aggregate of 4.0 million shares of Class A Common Stock upon the two and one-half year and the four year anniversaries of the Closing Date, the Company would deliver (i) the cash value of approximately 2.0 million shares of Class A Common Stock and approximately 0.4 million shares of Class A Common Stock on the two and one-half year anniversary of the Closing Date and (ii) an aggregate of 1.6 million shares of Class A Common Stock on the four year anniversary of the Closing Date, in each case subject to the terms and conditions of the Non-Compete. On February 1, 2021, as consideration for compliance with the Non-Compete, the Company paid $17.2 million in cash and issued 0.4 million shares of Class A Common Stock. On June 30, 2021, the Company amended the Non-Compete Prohibited Period End Date to terminate on June 30, 2021 and paid $24.9 million in cash in lieu of delivering the remaining 1.6 million shares of Class A Common Stock (the “Second Non-Compete Amendment”). The Second Non-Compete Amendment resulted in the Company accelerating the amortization of the remaining intangible assets. The Company includes the amortization in “Amortization of intangible assets” on the Company’s consolidated statements of operations.

Other Current Liabilities

Other Current Liabilities	3 Months Ended
	Mar. 31, 2022
Other Liabilities Disclosure [Abstract]
Other Current Liabilities	Other Current Liabilities The following table provides detail of the Company’s other current liabilities for the periods presented: (In thousands) March 31, 2022 December 31, 2021 Accrued capital expenditures $ 43,882 $ 29,936 Accrued production taxes 12,235 10,084 Other 47,965 50,616 Total Other current liabilities $ 104,082 $ 90,636

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt The Company’s debt is comprised of the following: (In thousands) March 31, 2022 December 31, 2021 Revolving credit facility $ — $ — Senior Notes due 2026 400,000 400,000 Total long-term debt 400,000 400,000 Less: Unamortized deferred financing cost (11,353) (11,913) Long-term debt, net $ 388,647 $ 388,087 Credit Facility In connection with the consummation of the Business Combination, the RBL Facility was entered into by and among Magnolia Operating, as borrower, Magnolia Intermediate, as its holding company, the banks, financial institutions, and other lending institutions from time to time party thereto, as lenders, the other parties from time to time party thereto, and Citibank, N.A., as administrative agent, collateral agent, issuing bank, and swingline lender, providing for maximum commitments in an aggregate principal amount of $1.0 billion with a letter of credit facility with a $100.0 million sublimit. The RBL Facility is guaranteed by certain parent companies and subsidiaries of Magnolia LLC and is collateralized by certain of Magnolia Operating’s oil and natural gas properties. On February 16, 2022, Magnolia Operating, as borrower, amended and restated the RBL Facility (“Amended and Restated RBL Facility”) in its entirety, providing for maximum commitments in an aggregate principal amount of $1.0 billion with a letter of credit facility with a $50.0 million sublimit, with an initial borrowing base of $450.0 million. The Amended and Restated RBL Facility matures in February 2026. Borrowings under the Amended and Restated RBL Facility bear interest, at Magnolia Operating’s option, at a rate per annum equal to either the term SOFR rate or the alternative base rate plus the applicable margin. Additionally, Magnolia Operating is required to pay a commitment fee quarterly in arrears in respect of unused commitments under the Amended and Restated RBL Facility. The applicable margin and the commitment fee rate are calculated based upon the utilization levels of the Amended and Restated RBL Facility as a percentage of unused lender commitments then in effect. The Amended and Restated RBL Facility contains certain affirmative and negative covenants customary for financings of this type, including compliance with a leverage ratio of less than 3.50 to 1.00 and a current ratio of greater than 1.00 to 1.00. As of March 31, 2022, the Company was in compliance with all covenants under the Amended and Restated RBL Facility. The Company incurred approximately $5.6 million of lender and transaction fees related to the modification of which $5.2 million were recorded as deferred financing costs and will be amortized prospectively over the remaining term of the Amended and Restated RBL Facility and $0.4 million of which were expensed and are reflected in “Interest expense, net” on the Company’s consolidated statements of operations for the three months ended March 31, 2022. Deferred financing costs in connection with the Amended and Restated RBL Facility are amortized on a straight-line basis over a period of four years from February 2022 to February 2026 and included in “Interest expense, net” in the Company’s consolidated statements of operations. The Company recognized interest expense related to the Amended and Restated RBL Facility and the RBL facility, as applicable, of $2.8 million and $1.0 million for the three months ended March 31, 2022 and 2021, respectively. The unamortized portion of the deferred financing costs is included in “Deferred financing costs, net” on the accompanying consolidated balance sheet as of March 31, 2022. The Company did not have any outstanding borrowings under the Amended and Restated RBL Facility as of March 31, 2022. 2026 Senior Notes On July 31, 2018, the Issuers issued and sold $400.0 million aggregate principal amount of 2026 Senior Notes in a private placement under Rule 144A and Regulation S under the Securities Act of 1933, as amended. The 2026 Senior Notes were issued under the Indenture, dated as of July 31, 2018 (the “Indenture”), by and among the Issuers and Deutsche Bank Trust Company Americas, as trustee. The 2026 Senior Notes are guaranteed on a senior unsecured basis by the Company, Magnolia Operating, and Magnolia Intermediate and may be guaranteed by certain future subsidiaries of the Company. The 2026 Senior Notes will mature on August 1, 2026 and bear interest at the rate of 6.0% per annum. On April 5, 2021, the terms of the Indenture were amended to modify, among other things, the criteria used by the Company to make Restricted Payments (as defined in the Indenture). The amendment to the Indenture was accounted for as a debt modification. Costs incurred with third parties directly related to the modification were expensed as incurred. The Company incurred approximately $1.1 million of transaction fees in the second quarter of 2021 related to the modification which were expensed. The Company also paid $5.0 million in fees to holders of the 2026 Senior Notes, which fees are recorded as deferred financing costs and amortized using the new effective interest rate applied prospectively over the remaining term of the 2026 Senior Notes. As of March 31, 2022, the Company had incurred and capitalized a total of $16.8 million of deferred financing costs related to the issuance of, and the amendment to the Indenture governing, the 2026 Senior Notes. These costs are amortized using the effective interest method over the term of the 2026 Senior Notes and are included in “Interest expense, net” in the Company’s consolidated statements of operations. The unamortized portion of the deferred financing costs is included as a reduction to the carrying value of the 2026 Senior Notes, which has been recorded as “Long-term debt, net” on the Company’s consolidated balance sheet as of March 31, 2022. The Company recognized interest expense related to the 2026 Senior Notes of $6.6 million and $6.3 million for the three months ended March 31, 2022 and 2021, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters From time to time, the Company is or may become involved in litigation in the ordinary course of business. Certain of the Magnolia LLC Unit Holders and EnerVest Energy Institutional Fund XIV-C, L.P. (collectively the “Co-Defendants”) and the Company have been named as defendants in a lawsuit where the plaintiffs claim to be entitled to a minority working interest in certain Karnes County Assets. The litigation is in the pre-trial stage. The exposure related to this litigation is currently not reasonably estimable. The Co-Defendants retained all such liability in connection with the Business Combination. A mineral owner in a Magnolia operated well in Karnes County, Texas filed a complaint with the Texas Railroad Commission (the “Commission”) challenging the validity of the permit to drill such well by questioning the long-standing process by which the Commission granted the permit. After the Commission affirmed the granting of the permit, and after judicial review of the Commission’s order by the 53rd Judicial District Court Travis County, Texas (the “District Court”), the District Court reversed and remanded the Commission’s order. The Commission and Magnolia have appealed the District Court’s judgment to the Third Court of Appeals in Austin, Texas. At March 31, 2022, the Company does not believe the outcome of any such disputes or legal actions will have a material effect on its consolidated statements of operations, balance sheet, or cash flows. No amounts were accrued with respect to outstanding litigation at March 31, 2022 or March 31, 2021. Environmental Matters The Company, as an owner or lessee and operator of oil and natural gas properties, is subject to various federal, state, and local laws and regulations relating to discharge of materials into, and the protection of, the environment. These laws and regulations may, among other things, impose liability on a lessee under an oil and natural gas lease for the cost of pollution clean-up resulting from operations and subject the lessee to liability for pollution damages. In some instances, the Company may be directed to suspend or cease operations in an affected area. The Company maintains insurance coverage, which it believes is customary in the industry, although the Company is not fully insured against all environmental risks. Risks and Uncertainties The Company’s revenue, profitability, and future growth are substantially dependent upon the prevailing and future prices for oil and natural gas, which depend on numerous factors beyond the Company’s control such as overall oil and natural gas production and inventories in relevant markets, economic conditions, the global political environment, regulatory developments, and competition from other energy sources. Oil and natural gas prices historically have been volatile and may be subject to significant fluctuations in the future. The coronavirus disease 2019 (“COVID-19”) pandemic and related economic repercussions have created significant volatility, uncertainty, and turmoil in the oil and natural gas industry. While oil and natural gas prices increased in 2021 and 2022, demand and pricing may again decline if there is a resurgence of the outbreak across the U.S. or other locations across the world or as a result of any related social distancing guidelines, travel restrictions, and stay-at-home orders. The extent of any further impact of the pandemic, including the emergence and spread of variant strains of COVID-19, on the Company’s industry and business cannot be reasonably predicted at this time.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s income tax provision consists of the following components: Three Months Ended (In thousands) March 31, 2022 March 31, 2021 Current: Federal $ 16,784 $ — State 1,316 399 18,100 399 Deferred: Federal — — State — — — — Income tax expense $ 18,100 $ 399 The Company is subject to U.S. federal income tax, margin tax in the state of Texas, and Louisiana corporate income tax. The Company estimates its annual effective tax rate in recording its quarterly provision for income taxes in the various jurisdictions in which it operates. The Company’s effective tax rate for the three months ended March 31, 2022 and 2021 was 8.0% and 0.4%, respectively. As a result of impairments in the first quarter of 2020, the Company established full valuation allowances on the federal and state deferred tax assets, which resulted in additional differences between the effective tax rate and the statutory rate as of March 31, 2022 and March 31, 2021. The primary differences between the annual effective tax rate and the statutory rate of 21.0% are income attributable to noncontrolling interest, state taxes, and valuation allowances. As of March 31, 2022, the Company did not have an accrued liability for uncertain tax positions and does not anticipate recognition of any significant liabilities for uncertain tax positions during the next 12 months. For the quarter ended March 31, 2022, no amounts were incurred for income tax uncertainties or interest and penalties. Currently, the Company is not aware of any issues under review that could result in significant payments, accruals, or a material deviation from its position. The Company’s tax years since its formation remain subject to possible income tax examinations by its major taxing authorities for all periods. During the three months ended March 31, 2022, the Magnolia LLC Unit Holders redeemed 9.7 million Magnolia LLC Units (and a corresponding number of shares of Class B Common Stock) for an equivalent number of shares of Class A Common Stock and subsequently sold these shares to the public. Magnolia did not receive any proceeds from the sale of shares of Class A Common Stock by the Magnolia LLC Unit Holders. The redemption and exchange of these Magnolia LLC Units created additional tax basis in Magnolia LLC. There was no net tax impact as the Company recorded a full valuation allowance. As of March 31, 2022, the Company’s net deferred tax asset was $204.6 million. Management assessed whether it is more-likely-than-not that it will generate sufficient taxable income to realize its deferred income tax assets, including the investment in partnership and net operating loss carryforwards. In making this determination, the Company considered all available positive and negative evidence and made certain assumptions. The Company considered, among other things, the overall business environment, its historical earnings and losses, current industry trends, and its outlook for future years. As of March 31, 2022, the Company assessed the realizability of the deferred tax assets and recorded a full valuation allowance of $204.6 million. As commodity prices have improved during 2021 and 2022, Magnolia has begun to sustain a level of increased profitability such that, net of its net operating loss, Magnolia is beginning to project modest taxable income. Should this continue, increased weight will be given to positive operating results, along with projections of future taxable income, in determining whether future taxable income will be sufficient to provide for realization of the Company’s deferred tax assets, and if so, this new evidence may result in a change in estimate of the Company’s valuation allowance in the next 12 months.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Class A Common Stock At March 31, 2022, there were 203.8 million shares of Class A Common Stock issued and 187.5 million shares of Class A Common Stock outstanding. The holders of Class A Common Stock and Class B Common Stock vote together as a single class on all matters and are entitled one vote for each share held. There is no cumulative voting with respect to the election of directors, which results in the holders of more than 50% of the Company’s outstanding common shares being able to elect all of the directors, subject to voting obligations under the Stockholder Agreement. In the event of a liquidation, dissolution, or winding up of the Company, the holders of the Class A Common Stock are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of stock, if any, having preference over the common stock. The holders of the Class A Common Stock have no preemptive or other subscription rights, and there are no sinking fund provisions applicable to such shares. Class B Common Stock At March 31, 2022, there were 35.6 million shares of Class B Common Stock issued and outstanding. Holders of Class B Common Stock vote together as a single class with holders of Class A Common Stock on all matters properly submitted to a vote of the stockholders. The holders of Class B Common Stock generally have the right to exchange all or a portion of their shares of Class B Common Stock, together with an equal number of Magnolia LLC Units, for the same number of shares of Class A Common Stock or, at Magnolia LLC’s option, an equivalent amount of cash. Upon the future redemption or exchange of Magnolia LLC Units held by any holder of Class B Common Stock, a corresponding number of shares of Class B Common Stock held by such holder of Class B Common Stock will be canceled. In the event of a liquidation, dissolution, or winding up of Magnolia LLC, the holders of the Class B Common Stock, through their ownership of Magnolia LLC Units, are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of units of Magnolia LLC, if any, having preference over the common units. The holders of the Class B Common Stock have no preemptive or other subscription rights, and there are no sinking fund provisions applicable to such shares. Share Repurchases The Company’s board of directors has authorized a share repurchase program of up to 30.0 million shares of Class A Common Stock. The program does not require purchases to be made within a particular time frame. As of March 31, 2022, the Company had repurchased 15.7 million shares under the program at a cost of $197.9 million. During the three months ended March 31, 2022, the Company also repurchased 0.6 million shares of Class A Common Stock for $11.6 million from EnerVest Energy Institutional Fund XIV-C, L.P. outside of the share repurchase program. During the three months ended March 31, 2022 Magnolia LLC repurchased and subsequently canceled 3.9 million Magnolia LLC Units with an equal number of shares of corresponding Class B Common Stock for $84.7 million of cash consideration (the “Class B Common Stock Repurchases”). During the same period, the Magnolia LLC Unit Holders redeemed 9.7 million Magnolia LLC Units (and a corresponding number of shares of Class B Common Stock) for an equivalent number of shares of Class A Common Stock and subsequently sold these shares to the public. During the three months ended March 31, 2021 Magnolia LLC repurchased and subsequently canceled 5.0 million Magnolia LLC Units with an equal number of shares of corresponding Class B Common Stock for $50.8 million of cash consideration (the “Class B Common Stock Repurchases”). During the same period, the Magnolia LLC Unit Holders redeemed 14.2 million Magnolia LLC Units (and a corresponding number of shares of Class B Common Stock) for an equivalent number of shares of Class A Common Stock and subsequently sold these shares to the public. Magnolia did not receive any proceeds from the sale of shares of Class A Common Stock by the Magnolia LLC Unit Holders. Magnolia funded the Class B Common Stock Repurchases with cash on hand. Dividends and Distributions Distributions On February 3, 2022, Magnolia LLC declared a cash distribution of $0.20 per Magnolia LLC Unit totaling $45.9 million, of which $37.3 million was distributed to the Company and $8.6 million was distributed to the Magnolia LLC Unit Holders. On August 2, 2021, Magnolia LLC declared a cash distribution of $0.08 per Magnolia LLC Unit totaling $19.0 million, of which $14.2 million was distributed to the Company and $4.8 million was distributed to the Magnolia LLC Unit Holders. The distributions to the Magnolia LLC Unit Holders were recorded as a reduction of noncontrolling interest on the Company’s consolidated balance sheets as of March 31, 2022 and December 31, 2021. Dividends On February 3, 2022, the Company’s board of directors declared a semi-annual cash dividend of $0.20 per share of Class A Common Stock totaling approximately $37.3 million. The dividend was paid on March 1, 2022 to shareholders of record as of the close of business on February 14, 2022. On August 2, 2021, the Company’s board of directors declared a semi-annual interim cash dividend of $0.08 per share of Class A Common Stock totaling approximately $14.2 million. The dividend was paid on September 1, 2021 to shareholders of record as of the close of business on August 12, 2021. Dividends in excess of retained earnings are recorded as a reduction of additional paid-in capital. The $37.3 million and $14.2 million dividends declared during the first quarter of 2022 and the third quarter of 2021, respectively, were recorded as a reduction of additional paid-in capital on the Company’s consolidated balance sheets as of March 31, 2022 and December 31, 2021. Noncontrolling Interest Noncontrolling interest in Magnolia’s consolidated subsidiaries includes amounts attributable to Magnolia LLC Units that were issued to the Magnolia LLC Unit Holders in connection with the Business Combination. The noncontrolling interest percentage is affected by various equity transactions such as issuances and repurchases of Class A Common Stock, the exchange of Class B Common Stock (and corresponding Magnolia LLC Units) for Class A Common Stock, or the cancellation of Class B Common Stock (and corresponding Magnolia LLC Units). As of March 31, 2022, Magnolia owned approximately 84.0% of the interest in Magnolia LLC and the noncontrolling interest was approximately 16.0%. In the first quarter of 2019, Magnolia Operating formed Highlander Oil & Gas Holdings LLC (“Highlander”) as a joint venture whereby MGY Louisiana LLC, a wholly owned subsidiary of Magnolia Operating, holds approximately 84.7% of the units of Highlander, with the remaining 15.3% attributable to noncontrolling interest.

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock Based Compensation	Stock Based Compensation On October 8, 2018, the Company’s board of directors adopted the “Magnolia Oil & Gas Corporation Long Term Incentive Plan” (the “Plan”), effective as of July 17, 2018. A total of 16.8 million shares of Class A Common Stock have been authorized for issuance under the Plan as of March 31, 2022. The Company grants stock based compensation awards in the form of restricted stock units (“RSU”), performance stock units (“PSU”), and performance restricted stock units (“PRSU”) to eligible employees and directors to enhance the Company and its affiliates’ ability to attract, retain, and motivate persons who make important contributions to the Company and its affiliates by providing these individuals with equity ownership opportunities. Shares issued as a result of awards granted under the Plan are generally new shares of Class A Common Stock. Stock based compensation expense is recognized net of forfeitures within “General and administrative expenses” and “Lease operating expenses” on the consolidated statements of operations and was $2.9 million and $2.7 million for the three months ended March 31, 2022 and 2021, respectively. The Company has elected to account for forfeitures of awards granted under the Plan as they occur in determining compensation expense. The following table presents a summary of Magnolia’s unvested RSU, PSU, and PRSU activity for the three months ended March 31, 2022. Restricted Stock Units Performance Stock Units Performance Restricted Stock Units Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Unvested at December 31, 2021 1,187,509 $ 8.94 460,414 $ 9.20 968,654 $ 9.36 Granted 241,671 20.29 — — 506,703 19.14 Granted for performance multiple (1) — — 90,965 13.88 — — Vested (315,842) 9.31 (272,894) 13.88 (212,687) 9.33 Forfeited (6,736) 10.38 — — (936) 11.38 Unvested at March 31, 2022 1,106,602 $ 11.33 278,485 $ 6.14 1,261,734 $ 13.29 (1) Upon completion of the performance period for the PSUs granted in 2019, a performance multiple of 150% was applied to each of the grants resulting in additional grants of PSUs in 2022. Restricted Stock Units The Company grants service-based RSU awards to employees, which generally vest ratably over a three-year or four-year service period, and to non-employee directors, which vest in full after one year. RSUs represent the right to receive shares of Class A Common Stock at the end of the vesting period equal to the number of RSUs that vest. RSUs are subject to restrictions on transfer and are generally subject to a risk of forfeiture if the award recipient ceases to be an employee or director of the Company prior to vesting of the award. Compensation expense for the service-based RSU awards is based upon the grant date market value of the award and such costs are recorded on a straight-line basis over the requisite service period for each separately vesting portion of the award, as if the award was, in-substance, multiple awards. The aggregate fair value of RSUs that vested during the three months ended March 31, 2022 and 2021 was $7.9 million and $4.0 million, respectively. Unrecognized compensation expense related to unvested RSUs as of March 31, 2022 was $9.9 million, which the Company expects to recognize over a weighted average period of 2.8 years. Performance Stock Units and Performance Restricted Stock Units The Company grants PRSUs to certain employees. Each PRSU represents the contingent right to receive one share of Class A Common Stock once the PRSU is both vested and earned. PRSUs generally vest either ratably over a three-year service period or at the end of a three-year service period, in each case, subject to the recipient’s continued employment or service through each applicable vesting date. Each PRSU is earned based on whether Magnolia’s stock price achieves a target average stock price for any 20 consecutive trading days during the five-year performance period. If PRSUs are not earned by the end of the five-year performance period (“Performance Condition”), the PRSUs will be forfeited and no shares of Class A Common Stock will be issued, even if the vesting conditions have been met. Compensation expense for the PRSU awards is based upon grant date fair market value of the award, calculated using a Monte Carlo simulation, as presented below, and such costs are recorded on a straight-line basis over the requisite service period for each separately vesting portion of the award, as if the award was, in-substance, multiple awards, as applicable. The aggregate fair value of PRSU awards that vested during the three months ended March 31, 2022 was $4.8 million. Unrecognized compensation expense related to unvested PRSUs as of March 31, 2022 was $14.9 million, which the Company expects to recognize over a weighted average period of 2.6 years. The Company grants PSUs to certain employees. Each PSU, to the extent earned, represents the contingent right to receive one share of Class A Common Stock and the awardee may earn between zero and 150% of the target number of PSUs granted based on the total shareholder return (“TSR”) of the Class A Common Stock relative to the TSR achieved by a specific industry peer group over a three-year performance period, the last day of which is also the vesting date. In addition to the TSR conditions, vesting of the PSUs is subject to the awardee’s continued employment through the date of settlement of the PSUs, which will occur within 60 days following the end of the performance period. The aggregate fair value of PSU awards that vested during the three months ended March 31, 2022 and 2021 was $5.5 million and $0.1 million, respectively. Unrecognized compensation expense related to unvested PSUs as of March 31, 2022 was $0.5 million, which the Company expects to recognize over a weighted average period of 0.8 years. The grant date fair values of the PRSUs granted during the three months ended March 31, 2022 and 2021, were $9.7 million and $9.4 million, respectively. Since the Performance Condition for the PRSUs granted in 2022 and 2021 were met on March 28, 2022 and March 17, 2021, respectively, the fair value of the PRSUs granted after the Performance Condition were met were based upon the grant date market value of the award. The fair values of the awards granted prior to the date the Performance Condition was met were determined using a Monte Carlo simulation. The following table summarizes the Monte Carlo simulation assumptions used to calculate the grant date fair value of the PRSUs in 2022 and 2021. Three Months Ended PRSU Grant Date Fair Value Assumptions March 31, 2022 March 31, 2021 Expected term (in years) 3.55 3.64 Expected volatility 59.58% 55.18% Risk-free interest rate 1.89% 0.56% Dividend yield 1.97% —%

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareThe Company’s unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are deemed participating securities, and therefore dividends and net income allocated to such awards have been deducted from earnings in computing basic and diluted net income per share under the two-class method. Diluted net income per share attributable to common stockholders is calculated under both the two-class method and the treasury stock method and the more dilutive of the two calculations is presented. The components of basic and diluted net income per share attributable to common stockholders are as follows: Three Months Ended (In thousands, except per share data) March 31, 2022 March 31, 2021 Basic: Net income attributable to Class A Common Stock $ 166,039 $ 63,244 Less: Dividends and net income allocated to participating securities 1,416 213 Net income, net of participating securities $ 164,623 $ 63,031 Weighted average number of common shares outstanding during the period - basic 182,578 166,952 Net income per share of Class A Common Stock - basic $ 0.90 $ 0.38 Diluted: Net income attributable to Class A Common Stock $ 166,039 $ 63,244 Less: Dividends and net income allocated to participating securities 1,413 210 Net income, net of participating securities $ 164,626 $ 63,034 Weighted average number of common shares outstanding during the period - basic 182,578 166,952 Add: Dilutive effect of stock based compensation and other 585 2,684 Weighted average number of common shares outstanding during the period - diluted 183,163 169,636 Net income per share of Class A Common Stock - diluted $ 0.90 $ 0.37 For the three months ended March 31, 2022, the Company excluded 44.3 million of weighted average shares of Class A Common Stock issuable upon the exchange of Class B Common Stock (and corresponding Magnolia LLC Units) as the effect was anti-dilutive. For the three months ended March 31, 2021, the Company excluded 80.3 million weighted average shares of Class A Common Stock issuable upon the exchange of Class B Common Stock (and corresponding Magnolia LLC Units), as the effect was anti-dilutive.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As of March 31, 2022, EnerVest Energy Institutional Fund XIV-A, L.P., a Delaware limited partnership, which is part of the Magnolia LLC Unit Holders, held more than 10% of the Company’s common stock and qualified as a principal owner of the Company, as defined in ASC 850, “Related Party Disclosures.” Distributions On February 3, 2022, Magnolia LLC declared a cash distribution of $0.20 per Magnolia LLC Unit totaling $45.9 million, of which $5.7 million was distributed to EnerVest Energy Institutional Fund XIV-A, L.P. Class B Common Stock Repurchases and Redemptions During the three months ended March 31, 2022, EnerVest Energy Institutional Fund XIV-A, L.P. received $56.1 million in cash and surrendered 2.6 million Magnolia LLC Units with an equal number of shares of corresponding Class B Common Stock. EnerVest Energy Institutional Fund XIV-A, L.P. also redeemed 6.5 million Magnolia LLC Units (and a corresponding number of shares of Class B Common Stock) for an equivalent number of shares of Class A Common Stock, which were subsequently sold to the public. During the three months ended March 31, 2021, EnerVest Energy Institutional Fund XIV-A, L.P. received $33.6 million in cash and surrendered 3.3 million Magnolia LLC Units with an equal number of shares of corresponding Class B Common Stock. EnerVest Energy Institutional Fund XIV-A, L.P. also redeemed 9.4 million Magnolia LLC Units (and a corresponding number of shares of Class B Common Stock) for an equivalent number of shares of Class A Common Stock, which were subsequently sold to the public. During the three months ended March 31, 2022 and 2021, Magnolia LLC subsequently canceled the surrendered Magnolia LLC Units and a corresponding number of shares of Class B Common Stock. Magnolia did not receive any proceeds from the sales of shares of Class A Common Stock by EnerVest Energy Institutional Fund XIV-A, L.P.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, certain disclosures normally included in an Annual Report on Form 10-K have been omitted. The consolidated financial statements and related notes included in this Quarterly Report should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2021 (the “2021 Form 10-K”). Except as disclosed herein, there have been no material changes to the information disclosed in the notes to the consolidated financial statements included in the Company’s 2021 Form 10-K. In the opinion of management, all normal, recurring adjustments and accruals considered necessary to present fairly, in all material respects, the Company’s interim financial results have been included. Operating results for the periods presented are not necessarily indicative of expected results for the full year.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Effect of Derivative Instruments on Consolidated Statements of Operations	The following table summarizes the effects of derivative instruments on the Company’s consolidated statements of operations during the three months ended March 31, 2022 and 2021: Three Months Ended (In thousands) March 31, 2022 March 31, 2021 Derivative settlements, realized (loss) $ — $ — Unrealized (loss) on derivatives — (482) (Loss) on derivatives, net $ — $ (482)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Fair Values of Financial Instruments Not Carried at Fair Value	The carrying value and fair value of the financial instrument that is not carried at fair value in the accompanying consolidated balance sheets at March 31, 2022 and December 31, 2021 is as follows: March 31, 2022 December 31, 2021 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Long-term debt $ 388,647 $ 407,460 $ 388,087 $ 411,500

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Other Liabilities Disclosure [Abstract]
Other Current Liabilities	The following table provides detail of the Company’s other current liabilities for the periods presented: (In thousands) March 31, 2022 December 31, 2021 Accrued capital expenditures $ 43,882 $ 29,936 Accrued production taxes 12,235 10,084 Other 47,965 50,616 Total Other current liabilities $ 104,082 $ 90,636

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Components of Debt	The Company’s debt is comprised of the following: (In thousands) March 31, 2022 December 31, 2021 Revolving credit facility $ — $ — Senior Notes due 2026 400,000 400,000 Total long-term debt 400,000 400,000 Less: Unamortized deferred financing cost (11,353) (11,913) Long-term debt, net $ 388,647 $ 388,087

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Components of Income Tax Provision (Benefit)	The Company’s income tax provision consists of the following components: Three Months Ended (In thousands) March 31, 2022 March 31, 2021 Current: Federal $ 16,784 $ — State 1,316 399 18,100 399 Deferred: Federal — — State — — — — Income tax expense $ 18,100 $ 399

Stock Based Compensation (Table

Stock Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of Unvested RSU, PSU, and PRSU Activity	The following table presents a summary of Magnolia’s unvested RSU, PSU, and PRSU activity for the three months ended March 31, 2022. Restricted Stock Units Performance Stock Units Performance Restricted Stock Units Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Unvested at December 31, 2021 1,187,509 $ 8.94 460,414 $ 9.20 968,654 $ 9.36 Granted 241,671 20.29 — — 506,703 19.14 Granted for performance multiple (1) — — 90,965 13.88 — — Vested (315,842) 9.31 (272,894) 13.88 (212,687) 9.33 Forfeited (6,736) 10.38 — — (936) 11.38 Unvested at March 31, 2022 1,106,602 $ 11.33 278,485 $ 6.14 1,261,734 $ 13.29 (1) Upon completion of the performance period for the PSUs granted in 2019, a performance multiple of 150% was applied to each of the grants resulting in additional grants of PSUs in 2022.
Schedule of Assumptions Used to Calculate Grant Date Fair Value of PRSUs	The following table summarizes the Monte Carlo simulation assumptions used to calculate the grant date fair value of the PRSUs in 2022 and 2021. Three Months Ended PRSU Grant Date Fair Value Assumptions March 31, 2022 March 31, 2021 Expected term (in years) 3.55 3.64 Expected volatility 59.58% 55.18% Risk-free interest rate 1.89% 0.56% Dividend yield 1.97% —%

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Reconciliation of Numerators and Denominators for Basic and Diluted Per Share Computation	The components of basic and diluted net income per share attributable to common stockholders are as follows: Three Months Ended (In thousands, except per share data) March 31, 2022 March 31, 2021 Basic: Net income attributable to Class A Common Stock $ 166,039 $ 63,244 Less: Dividends and net income allocated to participating securities 1,416 213 Net income, net of participating securities $ 164,623 $ 63,031 Weighted average number of common shares outstanding during the period - basic 182,578 166,952 Net income per share of Class A Common Stock - basic $ 0.90 $ 0.38 Diluted: Net income attributable to Class A Common Stock $ 166,039 $ 63,244 Less: Dividends and net income allocated to participating securities 1,413 210 Net income, net of participating securities $ 164,626 $ 63,034 Weighted average number of common shares outstanding during the period - basic 182,578 166,952 Add: Dilutive effect of stock based compensation and other 585 2,684 Weighted average number of common shares outstanding during the period - diluted 183,163 169,636 Net income per share of Class A Common Stock - diluted $ 0.90 $ 0.37

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Receivables from contracts with customers	$ 151.1	$ 125.1

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Effect of Derivative Instruments on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative settlements, realized (loss)	$ 0	$ 0
Unrealized (loss) on derivatives	0	(482)
Loss on derivatives, net	$ 0	$ (482)

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Values and Fair Values of Financial Instruments Not Carried at Fair Value (Details) - Fair Value, Inputs, Level 1 - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 388,647	$ 388,087
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 407,460	$ 411,500

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2021	Feb. 01, 2021	Jul. 31, 2018	Jan. 31, 2021
EnerVest
Finite-Lived Intangible Assets [Line Items]
Cash paid upon compliance of non-compete agreement milestones, milestone 1		$ 17.2
Cash paid upon compliance of non-compete agreement milestones, milestone 2	$ 24.9
EnerVest | Class A Common Stock
Finite-Lived Intangible Assets [Line Items]
Number of shares authorized for issuance based on compliance of non-compete agreement milestones (in shares)			4
Cash value of equity interest authorized for issuance upon compliance of non-compete agreement milestones, milestone 1 (in shares)				2
Number of shares authorized for issuance based on compliance of non-compete agreement milestones, milestone 1 (in shares)				0.4
Number of shares authorized for issuance based on compliance of non-compete agreement milestones, milestone 2 (in shares)	1.6			1.6
Equity interests issued upon compliance of non-compete agreement milestones, milestone 1 (in shares)		0.4
Non-Compete | Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated economic life of intangible asset			2 years 6 months	2 years 6 months
Non-Compete | Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated economic life of intangible asset			4 years	4 years

Other Current Liabilities (Deta

Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Accrued capital expenditures	$ 43,882	$ 29,936
Accrued production taxes	12,235	10,084
Other	47,965	50,616
Total Other current liabilities	$ 104,082	$ 90,636

Long-term Debt - Components of

Long-term Debt - Components of Debt (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total long-term debt	$ 400,000,000	$ 400,000,000
Less: Unamortized deferred financing cost	(11,353,000)	(11,913,000)
Long-term debt, net	388,647,000	388,087,000
Line of Credit | Revolving credit facility
Debt Instrument [Line Items]
Total long-term debt	0	0
Senior Notes | Senior Notes due 2026
Debt Instrument [Line Items]
Total long-term debt	$ 400,000,000	$ 400,000,000

Long-term Debt - Credit Facilit

Long-term Debt - Credit Facility Narrative (Details)	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Feb. 16, 2022USD ($)	Dec. 31, 2021USD ($)
Line of Credit Facility [Line Items]
Amortization of deferred financing costs	$ 2,812,000	$ 910,000
Deferred financing costs, net	7,017,000			$ 3,701,000
Outstanding borrowings	$ 400,000,000			400,000,000
Line of Credit | RBL Facility
Line of Credit Facility [Line Items]
Amortization period	4 years
Interest expense	$ 2,800,000	$ 1,000,000
Outstanding borrowings	0			$ 0
Line of Credit | RBL Facility | Magnolia Operating
Line of Credit Facility [Line Items]
Maximum commitments, aggregate principal amount	1,000,000,000
Line of Credit | Letter of Credit Sublimit | Magnolia Operating
Line of Credit Facility [Line Items]
Maximum commitments, aggregate principal amount	100,000,000		$ 50,000,000
Line of Credit | Amended and Restated RBL Facility | Magnolia Operating
Line of Credit Facility [Line Items]
Maximum commitments, aggregate principal amount			1,000,000,000
Borrowing base			$ 450,000,000
Leverage ratio (less than)			3.50
Current ratio (greater than)			1
Transaction fees related to the modification			$ 5,600,000
Amortization of deferred financing costs	$ 400,000
Deferred financing costs, net			$ 5,200,000

Long-term Debt - 2026 Senior No

Long-term Debt - 2026 Senior Notes Narrative (Details) - Senior Notes - Senior Notes due 2026 - USD ($)	3 Months Ended
	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Apr. 05, 2021	Jul. 31, 2018
Debt Instrument [Line Items]
Aggregate principal amount					$ 400,000,000
Stated interest rate					6.00%
Transaction fees		$ 1,100,000
Deferred financing costs incurred in connection with securing the 2026 Senior Notes	$ 16,800,000			$ 5,000,000
Interest expense	$ 6,600,000		$ 6,300,000
Redemption price, percentage of principal amount of Notes redeemed	100.00%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Amounts accrued with respect to outstanding litigation	$ 0	$ 0

Income Taxes - Components of In

Income Taxes - Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Current:
Federal	$ 16,784	$ 0
State	1,316	399
Current income tax provision	18,100	399
Deferred:
Federal	0	0
State	0	0
Deferred income tax provision	0	0
Income tax expense	$ 18,100	$ 399

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) shares in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Valuation Allowance [Line Items]
Effective tax rate	8.00%	0.40%
Liabilities for uncertain tax positions	$ 0
Amounts incurred for interest and penalties	0
Net deferred tax asset	204,600,000
Valuation allowance	$ 204,600,000
Class B Common Stock | Magnolia LLC Unit Holders
Valuation Allowance [Line Items]
Stock redeemed (in shares)	9.7	14.2
Magnolia LLC Units | Magnolia LLC Unit Holders
Valuation Allowance [Line Items]
Stock redeemed (in shares)	9.7	14.2

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands	Feb. 03, 2022USD ($)$ / shares	Aug. 02, 2021USD ($)$ / shares	Mar. 31, 2022USD ($)votePerShare$ / sharesshares	Mar. 31, 2021USD ($)shares	Mar. 31, 2019	Mar. 31, 2022USD ($)votePerShareshares	Dec. 31, 2021shares
Class of Stock [Line Items]
Distribution made to LLC member, cash distributions declared | $	$ 37,300	$ 14,200
Dividends declared | $	$ 37,300	$ 14,200
Common stock, dividends, declared (in dollars per share) | $ / shares	$ 0.20	$ 0.08	$ 0.20
Highlander
Class of Stock [Line Items]
Percentage of interest owned by noncontrolling interest holders					15.30%
VIE, Primary Beneficiary | Magnolia LLC
Class of Stock [Line Items]
Percentage of interest owned			84.00%
Percentage of interest owned by noncontrolling interest holders			16.00%			16.00%
MGY Louisiana LLC | Highlander
Class of Stock [Line Items]
Percentage of units held					84.70%
Magnolia LLC
Class of Stock [Line Items]
Stock repurchased, cash consideration | $			$ 84,700	$ 50,800
Distribution made to LLC member, distributions declared (in dollars per share) | $ / shares	$ 0.20	$ 0.08
Total declared distributions | $	$ 45,900	$ 19,000
Magnolia LLC Unit Holders
Class of Stock [Line Items]
Distribution made to LLC member, cash distributions declared | $	$ 8,600	$ 4,800
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)			203,762,000			203,762,000	193,437,000
Common stock, shares outstanding (in shares)			187,543,000			187,543,000	179,270,000
Number of votes for each share held | votePerShare			1			1
Number of shares authorized to be repurchased (in shares)			30,000,000			30,000,000
Number of shares repurchased (in shares)						15,700,000
Total cost of shares repurchased | $			$ 44,819	20,281		$ 197,900
Stock repurchased, cash consideration | $			$ 43,486	20,281
Class A Common Stock | EnerVest Energy Institutional Fund XIV-C, L.P. | Affiliate of EnerVest
Class of Stock [Line Items]
Number of shares repurchased (in shares)			600,000
Total cost of shares repurchased | $			$ 11,600
Class B Common Stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)			35,594,000			35,594,000	49,293,000
Common stock, shares outstanding (in shares)			35,594,000			35,594,000	49,293,000
Number of votes for each share held | votePerShare			1			1
Stock repurchased, cash consideration | $			$ 84,733	$ 50,781
Class B Common Stock | Magnolia LLC
Class of Stock [Line Items]
Stock repurchased and subsequently canceled (in shares)			3,900,000	5,000,000
Class B Common Stock | Magnolia LLC Unit Holders
Class of Stock [Line Items]
Stock redeemed (in shares)			9,700,000	14,200,000
Magnolia LLC Units | Magnolia LLC
Class of Stock [Line Items]
Stock repurchased and subsequently canceled (in shares)			3,900,000	5,000,000
Magnolia LLC Units | Magnolia LLC Unit Holders
Class of Stock [Line Items]
Stock redeemed (in shares)			9,700,000	14,200,000

Stock Based Compensation - Narr

Stock Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 2.9	$ 2.7
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair value of equity instruments vested during the period	7.9	4
Unrecognized compensation expense	$ 9.9
Weighted average period over which unrecognized compensation expense is expected to be recognized	2 years 9 months 18 days
RSUs | Employees | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
RSUs | Employees | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
RSUs | Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Aggregate fair value of equity instruments vested during the period	$ 4.8
Unrecognized compensation expense	$ 14.9
Weighted average period over which unrecognized compensation expense is expected to be recognized	2 years 7 months 6 days
Number of consecutive trading days required to earn PRSUs	20 days
Performance period	5 years
Grant date fair value	$ 9.7	9.4
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair value of equity instruments vested during the period	5.5	$ 0.1
Unrecognized compensation expense	$ 0.5
Weighted average period over which unrecognized compensation expense is expected to be recognized	9 months 18 days
Performance period	3 years
Vesting percentage	150.00%
Settlement date, period following performance period	60 days
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)	16,800,000
Class A Common Stock | PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contingent right to receive common stock, number of shares receivable for each PSU (in shares)	1
Class A Common Stock | PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contingent right to receive common stock, number of shares receivable for each PSU (in shares)	1
Class A Common Stock | PSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	0.00%
Class A Common Stock | PSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	150.00%

Stock Based Compensation - Sche

Stock Based Compensation - Schedule of Unvested RSU, PSU, and PRSU Activity (Details)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Restricted Stock Units
Units
Unvested stock units, beginning of period (in shares) | shares	1,187,509
Granted (in shares) | shares	241,671
Vested (in shares) | shares	(315,842)
Forfeited (in shares) | shares	(6,736)
Unvested stock units, end of period (in shares) | shares	1,106,602
Weighted Average Grant Date Fair Value
Unvested stock units, beginning of period (in dollars per share) | $ / shares	$ 8.94
Granted (in dollars per share) | $ / shares	20.29
Vested (in dollars per share) | $ / shares	9.31
Forfeited (in dollars per share) | $ / shares	10.38
Unvested stock units, end of period (in dollars per share) | $ / shares	$ 11.33
Performance Stock Units
Units
Unvested stock units, beginning of period (in shares) | shares	460,414
Granted (in shares) | shares	0
Granted for performance multiple (in shares) | shares	90,965
Vested (in shares) | shares	(272,894)
Forfeited (in shares) | shares	0
Unvested stock units, end of period (in shares) | shares	278,485
Weighted Average Grant Date Fair Value
Unvested stock units, beginning of period (in dollars per share) | $ / shares	$ 9.20
Granted (in dollars per share) | $ / shares	0
Granted for performance multiple (in dollars per share) | $ / shares	13.88
Vested (in dollars per share) | $ / shares	13.88
Forfeited (in dollars per share) | $ / shares	0
Unvested stock units, end of period (in dollars per share) | $ / shares	$ 6.14
Vesting percentage	150.00%
Performance Restricted Stock Units
Units
Unvested stock units, beginning of period (in shares) | shares	968,654
Granted (in shares) | shares	506,703
Vested (in shares) | shares	(212,687)
Forfeited (in shares) | shares	(936)
Unvested stock units, end of period (in shares) | shares	1,261,734
Weighted Average Grant Date Fair Value
Unvested stock units, beginning of period (in dollars per share) | $ / shares	$ 9.36
Granted (in dollars per share) | $ / shares	19.14
Vested (in dollars per share) | $ / shares	9.33
Forfeited (in dollars per share) | $ / shares	11.38
Unvested stock units, end of period (in dollars per share) | $ / shares	$ 13.29

Stock Based Compensation - Sc_2

Stock Based Compensation - Schedule of Assumptions Used to Calculate Grant Date Fair Value of PRSUs (Details) - PRSUs	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	3 years 6 months 18 days	3 years 7 months 20 days
Expected volatility	59.58%	55.18%
Risk-free interest rate	1.89%	0.56%
Dividend yield	1.97%	0.00%

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Numerators and Denominators for Basic and Diluted Per Share Computation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Basic:
Net income attributable to Class A Common Stock	$ 166,039	$ 63,244
Less: Dividends and net income allocated to participating securities	1,416	213
Net income, net of participating securities	$ 164,623	$ 63,031
Weighted average number of common shares outstanding during the period - basic (in shares)	182,578	166,952
Diluted:
Net income attributable to Class A Common Stock	$ 166,039	$ 63,244
Less: Dividends and net income allocated to participating securities	1,413	210
Net income, net of participating securities	$ 164,626	$ 63,034
Weighted average number of common shares outstanding during the period - basic (in shares)	182,578	166,952
Add: Dilutive effect of stock based compensation and other (in shares)	585	2,684
Weighted average number of common shares outstanding during the period - diluted (in shares)	183,163	169,636
Class A Common Stock
Basic:
Net income (loss) per share of Class A Common Stock - basic (in dollars per share)	$ 0.90	$ 0.38
Diluted:
Net income per share of Class A Common Stock - diluted (in dollars per share)	$ 0.90	$ 0.37

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Class A Common Stock
Class of Stock [Line Items]
Shares excluded due to antidilutive effect (in shares)	44.3	80.3

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Feb. 03, 2022	Aug. 02, 2021	Mar. 31, 2022	Mar. 31, 2021
Class B Common Stock
Related Party Transaction [Line Items]
Stock repurchased, cash consideration			$ 84,733	$ 50,781
EnerVest Energy Institutional Fund XIV-A, L.P.
Related Party Transaction [Line Items]
Distribution made to limited partner	$ 5,700
EnerVest Energy Institutional Fund XIV-A, L.P. | Affiliate of EnerVest | Class B Common Stock
Related Party Transaction [Line Items]
Stock redeemed (in shares)			6.5	9.4
EnerVest Energy Institutional Fund XIV-A, L.P. | Affiliate of EnerVest | Magnolia LLC Units
Related Party Transaction [Line Items]
Stock redeemed (in shares)			6.5	9.4
Magnolia LLC
Related Party Transaction [Line Items]
Distribution made to LLC member, distributions declared (in dollars per share)	$ 0.20	$ 0.08
Total declared distributions	$ 45,900	$ 19,000
Stock repurchased, cash consideration			$ 84,700	$ 50,800
Magnolia LLC | Class B Common Stock
Related Party Transaction [Line Items]
Stock repurchased and subsequently canceled (in shares)			3.9	5
Magnolia LLC | Magnolia LLC Units
Related Party Transaction [Line Items]
Stock repurchased and subsequently canceled (in shares)			3.9	5
Magnolia LLC | EnerVest Energy Institutional Fund XIV-A, L.P. | Affiliate of EnerVest
Related Party Transaction [Line Items]
Stock repurchased, cash consideration			$ 56,100	$ 33,600
Magnolia LLC | EnerVest Energy Institutional Fund XIV-A, L.P. | Affiliate of EnerVest | Class B Common Stock
Related Party Transaction [Line Items]
Stock repurchased and subsequently canceled (in shares)			2.6	3.3
Magnolia LLC | EnerVest Energy Institutional Fund XIV-A, L.P. | Affiliate of EnerVest | Magnolia LLC Units
Related Party Transaction [Line Items]
Stock repurchased and subsequently canceled (in shares)			2.6	3.3